Ohio Police & Fire Pension Fund, Columbus, committed $25 million each to Fremont Strategic Property Partners and Heitman Value Partners to manage in commingled core real estate funds. The $9 billion plan also committed $20 million to GMAC Institutional Capital for a mortgage-backed securities fund and $12 million to the Lone Star Value property fund. The plan's real estate commitments now stand at about 5% of total assets, but the fund's board still is "exploring the best and most appropriate ways to reach our 8% target," said David Graham, spokesman.
Consultant William Bensur of Wilshire Associates recently completed an asset allocation study that confirmed the plan's asset allocation targets. The plan's other target allocations are 48% in domestic equity, 18% each in domestic investment-grade fixed income and international developed markets equity, 5% in high-yield bonds and 3% in private investments.